Intraday call performance 04/08/08

Market closing negative

As expected nifty faced resistance around 4440 and came down heavily to make a low of 4362 and trading was very volatile today and Reliance Industries which took the market up on friday didn't let the market recover today as it was very week below 2340 as told here.The Asian markets had cracked badly at close while the European markets were trading flat with Nifty closing at 4395, down 18 points from the previous close.The market breadth was positive with advances at 898 against declines of 359 on the NSE.Nifty gainers included HCL Technologies, SAIL and ABB while losers included TCS, BHEL and ONGC

Following calls were given in yahoo messenger for clients:

Good day of profits for clients today

Buy Nifty Futures around 4415 with stop loss 4400 and when it made 4430, gave cover order

Buy Nifty Futures at 4432 with stop loss 4425 and it just made 4440 and then hit the stop loss

Buy Nifty Futures at 4370 with stop loss 4360 and when it made third target at 4435, gave cover order

Buy United Phosphrous around 348 with stop loss 347.8 for target 357 and it made 355

Buy Reliance Industries at 2258 with stop loss 2252 for target 2285 and it made 2280

Short Gammon India around 208 with stop loss 210.2 and it made just 206.7 and then hit the small stop loss

Buy BRFL at 336 with stop loss 333.8 and it made 341

Buy Reliance Capital around 1317 with stop loss 1300 for target 1345-1370 and it made 1365

Market Outlook 04/08/08

Market looking good at dips

It was total bullish market on friday and closing was also impressive above 4400-just below crucial resistance at 4440.Now, only concern is of Reliance Industries approaching it's strongest resistance at 2340 and if it doesn't get past that resistance, it may slide down and even nifty below 4440 will face some selling.Oil prices on Friday settled up $1.02 at $125.10 a barrel in New York after Israeli Deputy Prime Minister Shaul Mofaz said Iran was heading toward a major breakthrough in its nuclear program, fanning concerns of a potential confrontation that could disrupt supply from the OPEC nation.The Dow Jones industrial average was down 51.70 points at 11,326.32. The U.S. Federal Reserve is expected to hold off raising rates on Tuesday.For today, if nifty gets past 4440, it will face hirdle only at 4490 and then at 4535.Below 4440, nifty will move towards 4360 first and if gos down still, then 4320 will be tested on downside.Higher level selling will be witnessed today.

Stock watch for the day:

Today's calls only for clients